Blockchain providers agency Diginex is nearer to itemizing on Nasdaq after the Securities and Trade Fee (SEC) permitted its bid to merge with publicly traded 8i Enterprises Acquisition Corp. on Friday.
The $276 million deal will now be put earlier than 8i’s shareholders for approval at a March 20 particular assembly, in accordance with a press launch.
If accepted, the merger will permit Diginex, a personal firm based mostly in Hong Kong, to bypass lots of the traditional regulatory obstacles related to launching an preliminary public providing and be listed on the Nasdaq Inventory Market in what’s often known as a backdoor itemizing.
The 2 corporations have been working towards a merger since final July. Diginex shareholders would obtain 20 million odd shares in 8i, valued at $10 every, in accordance with a earlier report.
Diginex develops instruments for establishments with a give attention to digital belongings, in addition to a buying and selling and custody platform. 8i is a British Virgin Islands-based clean examine firm.
The final yr has seen Diginex leap varied regulatory hurdles to turn out to be the primary agency to go the Hong Kong Securities and Futures Fee’s framework for crypto funds in November.
Disclosure Learn Extra
The chief in blockchain information, Fintech Zoom is a media outlet that strives for the very best journalistic requirements and abides by a strict set of editorial insurance policies. Fintech Zoom is an impartial working subsidiary of Digital Forex Group, which invests in cryptocurrencies and blockchain startups.